EXCLUSIVE Major buyers of Russian oil struggle with bank guarantees -sources | Reuters
The global oil market was thrown into chaos on Thursday after Russia invaded Ukraine, with top buyers of Russian oil struggling to secure guarantees at Western banks or find ships to take crude from one of the world's largest producers.
At least three major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases on Thursday, four trading sources said, citing market uncertainty after the Russian invasion.
Russia produces every 10th barrel in the world and oil prices jumped to above $105 per barrel on Thursday, their highest since 2014, due to fears of disruptions. [O/R]
In the Black Sea, a Turkish-owned ship was hit by a bomb off the coast of Ukraine's port city Odessa, prompting shipping companies to avoid calling at Black Sea ports. read more
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